Crisis

07.10.11

EU Calls Emergency Italy Talks

Dan Morar / AP Photo

European Council President Herman Van Rompuy has called an emergency meeting for Monday morning amid concerns over the euro-zone debt crisis. While Van Rompuy spokesman Dirk De Backer claims, "It's a coordination, not a crisis meeting," the sharp sell-off in Italian assets Friday has many wondering if Italy will be following in Greece's footsteps. Progress towards Greece's second bailout plan is also a concern due to its delay from the private sector's hesitation to contribute. Two weeks of negotiations with the Institute of International Finance have put all sides close to going "back to square one," according to IIF managing director Charles Dallara. Many criticize the euro zone's bailout tactics, arguing that emergency loans are ineffective and that Europe needs a plan that will "offer solutions to the problem that will cover the next 10 to 15 years," according to German President Christian Wulff.